Becoming a homeowner is a big part of the American dream.
Jay-Z and Will Smith have just invested in a startup aiming to help low-income people build better credit to achieve that very goal.
The two successful entertainers recently invested in Landis Technologies. The company has already raised $165 million to purchase at least 1,000 homes for current low-income renters.
Landis Technologies was founded by Cyril Berdugo and Tom Petit and seeks to assist would-be homeowners who can’t afford to buy. The company would purchase a home and rent it to the client until they qualify for a mortgage. The client is then allowed to repurchase it at a predetermined price for up to two years after the initial acquisition.
“Financial inclusion is really important to us,” Berdugo said. “An aspect of Landis that we’re very proud to be a part of is wealth creation for low-income Americans, ”he continued.
